公 司 报 告 建材 2025年03月25日 海螺水泥(600585.SH) 四季度盈利改善，推出分红回报规划 推荐 ( 维持) 股价:24.75元 行情走势图 相关研究报告 【平安证券】海螺水泥（600585.SH）*季报点评*盈 利持续筑底，四季度修复可期*推荐20241030 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 事项： 公司公布2024年报，全年实现营收910.3亿元，较上年同期调整后下滑 35.5%，归母净利润77.0亿元，较上年同期调整后下滑26.2%。公司拟每股派 发现金红利0.71元人民币（含税）。 平安观点： 司 年 报 点 评 研 究 报 告 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 140,999 | 91,030 | 89,745 | ...

其 他 报 告 2025年03月25日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3370 | 0.15 | -1.60 | | 深证成份指数 | 10695 | 0.07 | -2.65 | | 沪深300指数 | 3935 | 0.51 | -2.29 | | 创业板指数 | 2153 | 0.01 | -3.34 | | 上证国债指数 | 222 | -0.02 | -0.03 | | 上证基金指数 | 7043 | 0.25 | -2.24 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 23906 | 0.91 | -1.13 | | 中国香港国企指数 | 8851 | 1.24 | -1.53 | | 中国台湾加权指数 | 22107 | -0.46 | 1.10 | | 道琼斯指数 | 42583 | ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [1][13]. Core Views - Despite macroeconomic impacts, the company's performance remains robust, with a projected revenue of 30.26 billion yuan in 2024, reflecting a year-on-year growth of 5.45%. The net profit is expected to grow by 5.33% to 19.58 billion yuan [1][3]. - The company is focusing on expanding its product line and has made significant progress in its product pipeline, including the approval of several medical devices and clinical trial applications [1][5]. - The company is enhancing its operational capabilities through digital platform development and supply chain improvements, which are expected to drive future growth [1][11]. Financial Summary - In 2024, the company anticipates a revenue of 30.26 billion yuan, with a net profit of 19.58 billion yuan, and a basic EPS of 6.5 yuan. The cash flow from operating activities is projected to be 19.27 billion yuan [1][4]. - The company reported a decline in Q4 revenue by 7% to 6.5 billion yuan, with a net profit decrease of 15.47% to 3.72 billion yuan. The gross margin for the quarter was 94.03%, and the net margin was 57.09% [4][9]. - The company’s financial projections for 2025 estimate revenues of 34.79 billion yuan and net profits of 22.09 billion yuan, with a corresponding P/E ratio of 26.6 [6][12].

公 司 报 告 食品饮料 2025年03月23日 金徽酒(603919.SH) 收入增速亮眼，高端化持续推进 推荐 ( 维持) 股价:19.02元 行情走势图 相关研究报告 【平安证券】金徽酒（603919.SH）*季报点评*省外 市场发力，产品结构升级*推荐20241027 【平安证券】金徽酒（603919.SH）*半年报点评*收 入稳定增长，费用投放有序*推荐20240819 证券分析师 张晋溢 投资咨询资格编号 事项： 金徽酒发布2024年年报，2024年实现营收30.2亿元，同比增长18.6%，归母 净利3.9亿元，同比增长18.0%；4Q24实现营收6.9亿元，同比增长31.1%，归 母净利0.55亿元，同比下滑2.1%。 平安观点： 研 究 报 告 S1060521030001 ZHANGJINYI112@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 wangxingyun937@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn | | 2023A | 2024A | 2025 ...

公 司 报 告 计算机 2025年03月21日 金山办公(688111.SH) 单四季度利润端表现亮眼，WPS 365业务收入实现高增 推荐 ( 维持) 股价:323.6元 行情走势图 证券分析师 事项： 公司公告2024年年度报告。2024年，公司实现营业收入51.21亿元，同比增长 12.40%；实现归母净利润16.45亿元，同比增长24.84%；实现扣非归母净利 润15.56亿元，同比增长23.30%。公司公布利润分配预案：拟派发现金红利 415,991,268.90元（含税），即每10股派发现金红利9.00元（含税），股数以 462,212,521股计算。 平安观点： 证 券 研 究 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容 公 司 年 报 点 评 HUANGWEIHAN235@pingan.com.cn 研究助理 | 王佳一 | 一般证券从业资格编号 | | --- | --- | | | S1060123070023 | | | WANGJIAYI446@pingan.com.cn | | | 2023A | 2024A ...

公 司 报 告 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.xy l.cn | | 大股东/持股 | 周晓萍/35.89% | | 实际控制人 | 周晓萍 | | 总股本(百万股) | 286 | | 流通 A 股(百万股) | 286 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 354 | | 流通 A 股市值(亿元) | 354 | | 每股净资产(元) | 35.62 | | 资产负债率(%) | 39.9 | 行情走势图 证券分析师 | 王德安 | 投资咨询资格编号 S1060511010006 | | --- | --- | | | BQV509 | | | WANGDEAN002@pingan.com.cn | | 王跟海 | 投资咨询资格编号 | | | S1060523080001 | | | BVG944 | | | WANGGENHAI964@pingan.com.cn | 汽车 2025 年 03 月 20 日 星宇股份(601799.SH) 车灯量价齐升，国际化稳步推进 推荐（维持） 股价：124.03 元 主要数据 事项： 公 ...

Group 1: Federal Reserve Meeting Insights - The Federal Reserve maintained the federal funds target rate in the range of 4.25-4.50% as expected, with plans to slow the balance sheet reduction from $25 billion to $5 billion per month starting in April[6] - Economic growth forecast for 2025 was significantly downgraded from 2.1% to 1.7%, while the unemployment rate was revised up from 4.3% to 4.4%[12] - PCE and core PCE inflation forecasts for 2025 were raised by 0.2 and 0.3 percentage points to 2.7% and 2.8% respectively[12] Group 2: Market Reactions - Following the Fed's announcement, the 10-year Treasury yield fell by 8 basis points to 4.24%, while major U.S. stock indices rose, with the Nasdaq, S&P 500, and Dow Jones gaining 1.41%, 1.08%, and 0.92% respectively[2][16] - The dollar index decreased from around 104 to approximately 103.5, while gold prices surged past $3050 per ounce, marking a 1.1% increase[2][16] Group 3: Powell's Key Messages - Powell emphasized the uncertainty brought by tariffs on inflation and economic outlook, indicating a preference for a "wait and see" approach[15] - He noted that while recession probabilities have increased, they remain low, and the U.S. economy is still robust based on hard data like employment and consumption[15] - Powell stated that the Fed does not need to curb inflation at the cost of recession, contrasting the current situation with the 1970s[15] Group 4: Policy Considerations - The Fed's decision to slow the balance sheet reduction may be a temporary measure to support the economy and markets amid rising inflation risks[21][26] - There is a concern that the Fed's optimistic view on the economy may overlook the potential impact of tariffs on inflation, which could lead to a more significant economic downturn than currently anticipated[24][26] - The risk of the Fed delaying rate cuts until later in the year could result in a total reduction exceeding the expected 50 basis points[26]

非银行金融 2025 年 03 月 20 日 行业点评 投资趋势性回暖，众安 2024 承保盈利能力承压 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业动态跟踪报告-非银行金融-险资 投资黄金试点开启，优化资产配置、分散投资风险- 强于大市 20250211 【平安证券】行业点评-非银行金融-资负双驱，友 邦 2024 业绩增长强劲-强于大市 20250314 【平安证券】行业点评-非银行金融-24H2 公募基金 保有量点评：股指型与债基表现亮眼，券商及第三 方市占率提升-强于大市 20250318 证券分析师 四大生态：深耕健康生态、发力数字生活和汽车生态，消费金融行稳致远。 1）健康生态：2024 年总保费 103.4 亿元（YoY+5.4%）、占比 30.9%，其 中下半年保费同比+21.1%、"尊享 e 生"系列总保费 46.6 亿元。承保综合 成本率 95.7%（YoY+8.5pct），其中客户运营和维护投入导致综合费用率 达 56.7%（YoY+3.7pct），综合赔付率 39.0%（YoY+4.8pct）。 2）数字生活：2024 年总保费 162.0 亿元（YoY+28.9%）、 ...

电子 2025 年 3 月 20 日 南亚新材(688519.SH) 乘国产算力之风，成长属性逐步凸显 推荐（首次） 股价：35.55 元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.ccl-china.com | | 大股东/持股 | 上海南亚科技集团有限公司/52.32% | | 实际控制人 | 包秀银,包秀春,郑广乐,黄剑克,包 | | | 爱芳,包秀良,周巨芬,包爱兰,高海 | | 总股本(百万股) | 238 | | 流通 A 股(百万股) | 232 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 85 | | 流通 A 股市值(亿元) | 83 | | 每股净资产(元) | 10.23 | | 资产负债率(%) | 47.7 | 行情走势图 证券分析师 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 郭冠君 投资咨询资格编号 S1060524050003 GUOGUANJUN625@pingan.com.cn 平安观点： | | 2022A | 2023A | 2024E | 2 ...

Investment Rating - The report gives a "Recommended" rating for the company, marking its first coverage [6]. Core Views - The company is positioned to benefit from the recovery of the copper-clad laminate (CCL) industry and the optimization of its product structure, which is expected to drive performance recovery [7][19]. - The demand for AI computing power is accelerating, leading to increased capital expenditure from domestic internet companies, which will further enhance the company's growth potential in high-end CCL products [8][27]. Summary by Sections Company Overview - The company, established in 2000, specializes in the design, research, development, manufacturing, and service of copper-clad laminates and bonding sheets, with products widely used in consumer electronics, computers, communication data centers, automotive electronics, and more [7][11]. - The company has established strong relationships with numerous high-quality clients, including major players like Huawei and Samsung [11][14]. Financial Performance - In 2023, the company's revenue decreased by 21% year-on-year to 2.983 billion yuan, and it reported a net loss of 129 million yuan [5][19]. - The company is expected to recover in 2024, with projected revenue of 3.36 billion yuan, a year-on-year increase of 12.7%, and a return to profitability with a net profit of 52 million yuan [5][19]. Market Trends - The CCL prices are anticipated to enter an upward cycle, positively impacting the company's profit margins [7][19]. - The global CCL market is projected to grow significantly, reaching 14.66 billion USD in 2025, driven by demand from AI, 5G, and automotive electronics [35]. Product Development - The company is focusing on high-frequency and high-speed CCL products, which are essential for modern electronic applications, particularly in AI servers and communication devices [27][38]. - The company has achieved domestic substitution in high-end CCL products, with its offerings now meeting international standards [8][27]. Investment Outlook - The report forecasts that the company's earnings per share (EPS) will increase from 0.22 yuan in 2024 to 1.91 yuan in 2026, reflecting a significant growth trajectory [5][8]. - The company is expected to leverage its strong technical foundation and comprehensive product matrix to achieve sustained revenue growth and improved profitability [8][19].